The government’s latest package is targeted at small businesses through grants and low-cost loans to stimulate cashflow after the disaster.

“When you are responsible economic managers, you have the financial flexibility to respond to crises and economic shocks whenever they may occur,” Frydenberg said

“This is a time when the Australian people know that their government is there to spend on the things that they need most.”

The Business Council of Australia backed the government forgoing the surplus, with president Tim Reed pointing to “extraordinary circumstances”.

“While we would love to see the budget in surplus, we would not like to see it in surplus at the expense of these local communities,” he said.

Under the relief package, businesses with major damage or a significant dip in revenue because of the fires can access up to $50,000 in tax-free, grant funding.

Low-interest 10-year loans of up to $500,000 will be offered for businesses to restore or replace damaged assets.

The total cost of the measures is unclear with the full extent of the devastating fires’ damage still unclear.

-AAP

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